Anger over growing social inequality and the cost-of-living, foundering faith in governments and institutions and increasingly polarised politics, together with a rise in activism and environmental concerns, are the main factors expected to fuel ongoing incidences of strikes, riots and civil commotion around the world, according to a new report from insurer Allianz Global Corporate & Specialty .
“Operational and security management within organisations should view the current climate as a catalyst for evaluating best practices and policies around preparing locations and employees for potential civil unrest and building resilience.” In Africa and the Middle East, political risks and violence fell two places to sixth but it is still in the top three risks in Burundi, Madagascar, and Nigeria. It remains fourth in South Africa and eighth in Cameroon. While the Ukraine war is a major factor in this ranking, the results also show that the impact of SRCC activity ranks as a political violence risk of top concern with a combined score of almost 70%.
Reported damages from just six civil unrest events around the world between 2018 and 2023 resulted in at least $12-billion in economic/insured losses. Insurance claims from South African riots in July 2021 cost $1,9-billion.In the report AGCS’ political violence team highlight the five main factors they expect to power further SRCC activity in 2023 and beyond:
* Increasing polarisation: Political divisions are stoking tensions around the world undermining social cohesion and escalating conflict. Polarised opinions can become particularly entrenched on social media and in some countries such polarisation is turning violent. Recent years have seen a big shift to the left and the right in many countries with few liberal democracies maintaining a sense of balance where political parties compete for the centre ground.
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